London Startup Raises $25 Million

London Startup Raises $25 Million

A London startup set up by 3 Oxford yougsters, has raised $25 million for its background checking platform. The investors are the same guys who put their money in well known companies like Spotify, Deezer among others.

London Startup Raises $25 Million

London Startup Raises $25 Million (source: uk.businessinsider.com)

The startup is cofounded by 3 graduates at Oxford, and they will help business owners to check and verify that employees and contractors are, who they really say they are. The name of the startup is Onfido, and they have over 80 employees across London and Lisbon.

The second round of fund raising, brought the total funding in Onfido up to $30.3 million. The purpose of the second fund raising is to expand the business in the US, San Francisco, said CEO Husayn Kassai.

“Our vision is to build the trust engine to power human interactions worldwide,” said Kassai over email. “It could be the interaction between a passenger and a driver, a host and a guest, or even a cleaner and a homeowner. To achieve that we will be using the investment to scale our global operations and our machine-learning technology.

“We’ve seen that the US is our fastest growing market with 40% month-on-month growth. We’ve gained a lot of traction in the past few months with the likes of Turo and Workmarket and the demand is only growing — particularly in the sharing economy and fintech sector.”

In January this year, Onfido had 625 customers, nowadays, the number of customers is over 1000.

Source.

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